Tag: money laundering

The US and UK authorities have intensified their crackdown on entities associated with financing terrorism through cryptocurrencies following the October 7th attacks on Israel. This week, the US Treasury’s Office of Foreign Assets Control (OFAC) and the UK’s Office of Foreign Sanctions Implementation (OFSI) imposed new sanctions on two individuals and three entities. The sanctions are linked to their alleged involvement in fundraising for Hamas, the Palestinian Sunni Islamist political entity.

So, it has finally occurred. Sam Bankman-Fried, known by many as a dubious character, has been handed a prison sentence of 25 years. While some may argue it’s not enough, it’s a significant development nonetheless. The entire cryptocurrency community has been abuzz with a sense of relief and vindication over the past twenty-four hours. This event led me to ponder another figure in the crypto realm whom the U.S. legal system has its sights set on – Changpeng “CZ” Zhao.

The EU Parliament’s lead commission has greenlit new AML laws, including a ban on cryptocurrency payments to “hosted wallets” via unidentified self-custody wallets. Patrick Breyer and Gunnar Beck, the two dissenting voices, expressed concerns over the potential impact on financial freedom and the efficacy of such measures in combating crimes. Historically, EU citizens have opposed cash payment prohibitions, emphasizing the importance of anonymity in financial transactions and questioning the effectiveness of such restrictions in curbing criminal activities.

The European Union has enacted the world’s first law to regulate the artificial intelligence business. The founder of Bitcoin Fog, Roman Sterlingov, was convicted on money laundering charges. Meanwhile, major financial institutions have completed a pilot test using the Canton Network blockchain. Here are three key happenings that have impacted the bitcoin market during the last 24 hours.

Roman Sterlingov, the brain of Bitcoin Fog crypto mixer, has been convicted by a jury on a four-count indictment that may result in 20 years in prison. The 35-year-old man behind Bitcoin Fog, a cryptocurrency mixing service, has been convicted for his involvement in various money laundering schemes.

Binance, a leading cryptocurrency exchange platform, is embroiled in a growing controversy in Nigeria. Following the Nigerian government’s detention of Binance staff and a demand for a staggering $10 billion fine, the situation has escalated dramatically. The House of Representatives Committee on Financial Crimes ordered the immediate arrest of Binance’s CEO, Richard Teng, and management for their alleged involvement in terrorism financing and money laundering. Despite repeated summons, Binance representatives failed to appear before the committee, leading to the issuance of an arrest warrant.

Nigerian lawmakers have escalated the confrontation with Binance, ordering the arrest of CEO Richard Teng and management for their failure to address allegations of financial crimes. Despite Binance’s legal representative appearing before the committee, the chairman dismissed their excuse and proceeded to issue the warrant. This development underscores the intensifying scrutiny of cryptocurrency platforms in Nigeria amid concerns of illicit financial activities.

The Financial Crimes Committee of Nigeria’s House of Representatives has taken a bold step by summoning Binance CEO Richard Teng to address allegations of terrorism financing and money laundering. According to reports from The Punch, the committee has issued an ultimatum, giving Teng seven days to appear before them on or before March 4, 2024. This move comes amidst concerns raised by the Central Bank of Nigeria regarding Binance’s involvement in illicit financial activities, including money laundering. Chairman Ginger Onwusibe emphasized the committee’s commitment to upholding Nigerian laws and protecting citizens from financial crimes perpetrated by both domestic and foreign entities.

Honduras’ CNBS regulator has banned the financial system from trading in cryptocurrency and similar virtual assets, citing risks of fraud and money laundering. The resolution, which takes immediate effect, prohibits institutions under CNBS supervision from engaging in activities involving cryptocurrencies, tokens, or any unauthorized virtual assets. This move underscores regulatory concerns in a country where crypto assets are not currently regulated by law.

With the rapid growth and widespread adoption of cryptocurrencies in China, concerns are mounting about their potential to facilitate money laundering activities. Chinese scholars have urged policymakers to prioritize addressing this critical issue in the upcoming revision of the country’s Anti-Money Laundering (AML) Law, scheduled for enactment in 2025.